StepStone Backs New Fund Led by Ron Heinz and Brandon Tidwell

LINDON, UTAH—August 23, 2011—Signal Peak Ventures, a newly-established venture fund manager, today announced the formation of a new fund focused on early-stage investment opportunities in the Intermountain region. The fund is backed by a syndicate of limited partners led by StepStone Group.

Simultaneously with its formation, Signal Peak acquired substantially all of the venture capital assets of The Canopy Group, a technology venture firm based in Lindon, Utah. The Signal Peak team will be led by Ron Heinz and Brandon Tidwell—both formerly Managing Directors at Canopy. Heinz and Tidwell confirmed the acquired portfolio consists of venture equity and debt interests in 10 companies.

In the 15 years since Canopy was founded by legendary technology leader Ray Noorda, Canopy has invested in more than 100 technology companies, most of which are headquartered in Utah, creating thousands of jobs and making a strong impact on the local economy and the technology landscape of the state.

Canopy board member John Noorda noted that Canopy has enjoyed the opportunity to contribute to Utah’s rich technology history over the past 15 years. “Canopy would like to thank the employees, management, and investors for the opportunity to work together. We wish the best for all in their future endeavors,” he said.

“Ron and Brandon are one of the most promising teams in the Intermountain venture community, with deep knowledge and understanding of the region,” said Jim Gamett, a partner at StepStone. “They have built a portfolio of assets that we believe has a very attractive profile, and we look forward to working with them to continue to build great companies and maximize the value of these investments for our investors.”

“We are honored to build upon the legacy of Canopy as we create this new fund,” said Heinz, who is also a Utah Technology Council (UTC) trustee. “Utah is a tremendous place for innovation. We see a bright future for the young entrepreneurs in the mountain states, and we look forward to playing a strong role in these companies in the years to come.”

Heinz said Signal Peak is in the process of relocating to permanent headquarters in Salt Lake City.

About Signal Peak Ventures

Signal Peak Ventures is a Salt Lake-based venture capital firm that focuses on early-stage technology investments in the Intermountain region. The firm was established in 2011 upon the spin out of Canopy Ventures’ venture capital team and the acquisition of portfolio investments in 10 companies, including eFileCabinet (www.efilecabinet.com). The Signal Peak team has extensive experience in sourcing, executing, managing, and divesting venture capital stakes across the Intermountain region. For more information, please visit www.signalpeakvc.com.

About StepStone Group

StepStone Group, LLC, is an independent firm focused exclusively on providing private equity asset management and advisory services. The firm oversees more than $30 billion of private equity allocations, including over $6 billion in assets under management, and has offices in New York, London, San Diego, and Beijing. StepStone provides investment services to institutional investors focused on achieving superior risk-adjusted private equity returns through a combination of private equity fund investments, co-investments, and secondary purchases. For more information, please visit www.stepstoneglobal.com.